Consumer’s relationships with money and financial institutions are evolving, here are three transformative trends influencing the financial industry:
1. Surge of Digital Payments
– The trust people have placed in traditional forms of payment is increasingly being placed in digital money: credit cards, smartphones, apps, online banking, money transfer platforms, and cryptocurrency platforms.
2. The Rise of Money Transfer Apps
– The surge in digital payment comes with the rise of mobile payment apps, like Zelle, CashApp, and Venmo.
3. More Personalized and Intelligent Services
– The digitization of money creates data streams that can offer customers helpful insights about their spending